Despite the success of the first game, Capcom had no plans to make a direct sequel to it. Instead they released totally new scrolling beat 'em ups for the arcades, such as Captain Commando, Cadillacs & Dinosaurs and licensed based titles such as The Punisher. Apparently Nintendo requested for Capcom to make a Final Fight sequel for the Super Nintendo -I wish I could find the source for this info, but it does make sense without one. The scrolling beat 'em up genre was wildly popular in the early '90s, and the Super Nintendo hadn't got any really good games. The Super Nintendo version of the original Final Fight had numerous problems, Rival Turf didn't play that well, etc.
Meanwhile, the SEGA Genesis had Streets of Rage, and then in 1992 a sequel was released. Streets of Rage 2 offered 4 playable characters, 8 levels, a 2 player mode combined with arcade quality graphics and fantastic music. So it makes sense to me that Nintendo would want a good scrolling beat 'em up on their console to compete with Streets of Rage 2. The result was Final Fight 2, a sequel exclusive to the Super Nintendo which was released in 1993.
Final Fight 2 fixes most of the problems with the port of the first game. There are now 3 playable characters instead of only 2. There are 6 levels instead of only 5. And probably most importantly of all, there is now a 2 player mode, which the original didn't have. But this is really as far as the positives go. Final Fight 2 feels more like a remake of the original rather than a truly new game. The story is almost exactly the same as before: this time Guy's master and girlfriend are captured by the Mad Gear gang, so Haggar goes with his friend Carlos and Guy's friend Maki to rescue them. No extra moves have been added -for example, Haggar's move set is the same as what it was in the original game, only his pile-driver now spins. Going back to Streets of Rage 2, each of the playable characters in the game have much larger move sets -and that game came out the year before Final Fight 2.
And then there are still other problems. The maximum amount of enemies on the screen at once is still only 3. The musical score is mostly forgettable, with only a couple of decent tunes. There is also still some slow down at certain points, especially in the 2 player mode.
When the game was released it was met with some mixed reviews, as many magazines mentioned that the game wasn't different enough from the original. Despite this, Final Fight 2 sold 1,030,000 copies -less than the first game, but still impressive sales figures. It is one of only 2 games in the series to sell over a million copies. For the longest time, Final Fight 2 was exclusive to the Super Nintendo, and complete copies (cartridge, box and manual) of the American and European versions tend to sell for high prices. However in 2009, Final Fight 2 was released as a downloadable game for the Wii's Virtual Console. It costs 800 points.